Principal Financial Group Inc. reduced its holdings in First Horizon Co. (NYSE:FHN) by 45.4% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,016,604 shares of the financial services provider’s stock after selling 1,675,220 shares during the period. Principal Financial Group Inc. owned approximately 0.37% of First Horizon worth $32,850,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also modified their holdings of the business. First Horizon Advisors Inc. grew its stake in shares of First Horizon by 30.9% in the 3rd quarter. First Horizon Advisors Inc. now owns 228,049 shares of the financial services provider’s stock worth $3,857,000 after buying an additional 53,779 shares in the last quarter. Commerce Bank purchased a new position in shares of First Horizon in the 3rd quarter worth $171,000. NewSquare Capital LLC grew its stake in shares of First Horizon by 4.6% in the 3rd quarter. NewSquare Capital LLC now owns 252,810 shares of the financial services provider’s stock worth $4,118,000 after buying an additional 11,155 shares in the last quarter. Toronto Dominion Bank grew its stake in shares of First Horizon by 40.3% in the 3rd quarter. Toronto Dominion Bank now owns 25,645 shares of the financial services provider’s stock worth $417,000 after buying an additional 7,372 shares in the last quarter. Finally, Continuum Advisory LLC purchased a new position in shares of First Horizon during the 3rd quarter worth about $236,000. 79.56% of the stock is owned by institutional investors and hedge funds.
FHN has been the subject of a number of recent analyst reports. Raymond James cut shares of First Horizon from a “strong-buy” rating to an “outperform” rating and dropped their price target for the stock from $20.00 to $19.00 in a research note on Thursday, October 7th. Morgan Stanley lifted their price target on shares of First Horizon from $18.50 to $21.00 and gave the stock an “equal weight” rating in a research note on Monday, December 6th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $18.60.
First Horizon (NYSE:FHN) last announced its quarterly earnings data on Tuesday, October 19th. The financial services provider reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. First Horizon had a net margin of 30.55% and a return on equity of 14.67%. The company had revenue of $739.00 million during the quarter, compared to analyst estimates of $744.91 million. During the same quarter last year, the business posted $0.35 EPS. On average, equities analysts anticipate that First Horizon Co. will post 1.96 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, January 3rd. Investors of record on Friday, December 10th were paid a dividend of $0.15 per share. The ex-dividend date was Thursday, December 9th. This represents a $0.60 annualized dividend and a dividend yield of 3.22%. First Horizon’s dividend payout ratio (DPR) is presently 34.09%.
First Horizon announced that its board has authorized a stock repurchase program on Tuesday, October 26th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 5.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
About First Horizon
First Horizon Corp. (Tennessee) operates as a financial holding company, which engages in the provision of checking accounts, savings products, mortgage banking, lending, and financing to individuals and businesses. It operates the business through four segments: Regional Banking, Specialty Banking, and Corporate.
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